LYCOS RETRIEVER 
Norsk Hydro Asa
built 642 days ago
Norsk Hydro ASA operates two businesses: aluminum and energy. It is a supplier of aluminum and aluminum products, and serves markets, such as automotive and transport, building and construction, consumer goods, general engineering, packaging and printing. In its energy business, it produces hydropower and solar energy. Hydro’s power production is primarily used to supply its aluminum operations with electricity. Hydro operates 17 hydroelectric power plants with an annual production of nine terawatt hours. In December 2006, VM Materiaux bought back Quartz from Hydro.
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Norsk Hydro ASA today arranged an extraordinary General Meeting. The General Meeting approved a capital reduction equivalent to around 2 percent of the share capital. The capital reduction is part of Hydro's buyback program which was approved by the Annual General Meeting on May 11, 2004. The General Meeting ... approved a new buyback program.
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Since Norsk Hydro became aware of the severity of their funding position, they have carried out a critical review of their Scheme on a regular basis. The main change was to the amount of pension that employees could get on early retirement. The Scheme provides for early retirement from the age of 50. However, there is no reduction in benefits for early retirement from age 62. For those retiring before age 62, a discount of 3% per annum is applied to their pension. The actuaries suggested making changes to the discount levels for these to bring them in line with the normal practice and to encourage people to work longer.
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Norsk Hydro ASA announced that the Corporate Assembly of Norsk Hydro ASA has voted in Terje Vareberg as new Chairman of the Board. The new Board and Chairman were voted in with immediate effect.
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The Board of Norsk Hydro has today approved the construction of a new chlorine plant at Rafnes. The investment, estimated to cost in the region of NOK 1 billion, approximately EUR 127 million, is expected to be very profitable. Production is planned to start up in 2005.
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